Magnachip Gets Government Order to Pause Merger Amid Review
June 16 2021 - 7:08AM
Dow Jones News
By Matt Grossman
Magnachip Semiconductor Corp. said Wednesday that it received a
federal government order requiring the company not to complete its
merger with Wise Road Capital Ltd., a Chinese private-equity firm,
until a review is concluded.
Magnachip, a semiconductor company incorporated in Delaware,
said it received the interim pause order Tuesday from the Committee
on Foreign Investment in the U.S., which is reviewing the merger.
The order requires Magnachip not to complete the merger without
further word from the government, the company said.
Magnachip said it is assessing the impact of the order and will
likely postpone a stockholders' meeting about the merger that was
scheduled for Thursday.
In March, Magnachip said that under the planned $1.4 billion
all-cash deal its investors would receive $29 for each share. The
deal was expected to close in the second half of the year.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
June 16, 2021 07:04 ET (11:04 GMT)
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